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Click here to Post your Query >>5983 unanswered question(s) — Showing 5721–5740
| Que. Id | Date | Description |
|---|---|---|
| 985 |
Dec. 09 2005 |
BUSINESS INCOME OR CAPITAL RECEIPT –
(DIRECT TAXES)
My client who was holdg some shares sold it the market and thus he made some long term capital gas. He started purchasg and sellg shares on daidurg this year and his sales has crossed Rs. 40.00 cs. Should this sales receipts be treated as capital receipts (Short term gas and es) or Busess receipts and if it is a busess receipt, should it be audited u,s 44AB. ' BY: S.Srinivasan No answers yet View Answers | Post Answers |
| 967 |
Dec. 08 2005 |
tax on share transfer –
(DIRECT TAXES)
1.Is it possible to transfer shares from one person to another (not ive) with out attractg tax for the transferer? 2.what if the off market transfer is at cost and not the actual price tradg at the stock exchange? 3.Is it possible to transfer the shares alloted an itial public offerg (IPO) a day or two before it gets listed the stock exchange? case study: If an employee is alloted shares an IPO the employee quota and wants to transfer it to a friend at the price he got alloted with out attractg tax ? If tax is attracted what is the mimum? ' BY: Muruganandan.A No answers yet View Answers | Post Answers |
| 972 |
Dec. 08 2005 |
Direction by ITAT- Implementation thereof by AO –
(DIRECT TAXES)
There is direction from ITAT which reads as underThe amount neither credited nor paid that case the addition is justified The query is: The assessee only paid the amount but not credited the same subsidiary ledgers on its becomes payable. However the payments are duly recorded Cash book detailg the persons who received the payment.The postg General ledger is made from cash book total of the day. Thus, the addition will be there even if payment is duly made and recorded books as above. ' BY: keshav No answers yet View Answers | Post Answers |
| 973 |
Dec. 08 2005 |
Relief u/s 89(1) –
(DIRECT TAXES)
One of my clt recieved an advance amount of Rs 5,00,000,= as compensation at the time of termation of job for next 3 years of service whether the amount recieved by the employee at time of termation of servise is eligible for relief u,s 89(1)? ' BY: Dhanindra Surana No answers yet View Answers | Post Answers |
| 963 |
Dec. 07 2005 |
SERVICE TAX ON PENALTY CHARGE BY FINANCIAL INSTITUTIONS –
(INDIRECT TAXES)
IF FANCE COMPANY CHARGE PENALTY TO THERE CLIENTS FOR NOT PAYMENT OR DEY PAYMENT OR CHEQUE DISHOUNER THAN SERVICE TAX ATTRACT ON THIS PENALTY. ' BY: PIYUSH KAPOOR No answers yet View Answers | Post Answers |
| 952 |
Dec. 06 2005 |
Requirment of Document to be checked while Takeing over of Companies –
(CORPORATE & OTHER LAWS)
the circumstances, where dustrial development authority, like NOIDA, allot plot for dustrial set up with the primary condition of company structure. A Pvt. Ltd company formed for such purpose and plot is alloted after that if the shareholdg as well as the directorship is to be changed with the change of ownership of plot, what document to be checked by the er(new) to ensure the complete documentation. ' BY: KAMAL TANEJA No answers yet View Answers | Post Answers |
| 939 |
Dec. 05 2005 |
deposit of unsecured loan in cash –
(DIRECT TAXES)
Hi All If the books of account & current account are seizwd by the come Tax Deptt.. Can the firm accepts unsecured loan cash for the payment of his creditors, sary of guards & legal expenses? ' BY: RAKESH KUMAR GARG No answers yet View Answers | Post Answers |
| 943 |
Dec. 05 2005 |
TDS on SERVICE TAX –
(DIRECT TAXES)
Is Tax also to be deducted on amount of service tax cluded the Bill. ' BY: PANKAJ SHARMA No answers yet View Answers | Post Answers |
| 945 |
Dec. 05 2005 |
Listing agreement –
(AUDIT)
If anyone havg Cuse 49 of listg agreement then pls do mail me at nawneet@gmail.com regards ' BY: Nawneet No answers yet View Answers | Post Answers |
| 935 |
Dec. 04 2005 |
Is VAT payable by exporter on his purchases from unregistered suppliers –
(INDIRECT TAXES)
Is vat payable by exporter on purchases from unregistered small suppliers will the exporter be charged tax for puchases from unregistered small suppliers ?? B.Dhar bdhar@satyam.net. bankimdhar@rediffmail.com ' BY: Bankim Bihari Dhar No answers yet View Answers | Post Answers |
| 933 |
Dec. 03 2005 |
Loss of Fixed assets –
(AUDIT)
The fixed assets of the company lost fire accident. No surance coverage. Shall we writeoff full gross block less accumuted depreciation to P&L. ' BY: Y.KONDAL REDDY No answers yet View Answers | Post Answers |
| 925 |
Dec. 02 2005 |
AVAILMENT OF CENVAT CREDIT –
(INDIRECT TAXES)
THE CASE WHERE 100% SERVICE TAX PAID TO THE SERVICE PROVIDER AGAST BILL AMOUNT EXCEPT A ENTION DEPOSIT OF 10% DEDUCTED FROM BASIC VALUE OF THE BILL AS PER CONTRACT AGREEMENT. CAN THE SERVICE PROVIDEE CIM 100% CENVAT CREDIT ON SERVICE TAX PAID? ' BY: SUPTARU MANNA No answers yet View Answers | Post Answers |
| 926 |
Dec. 02 2005 |
Non Resident as Partner in Indian Firm –
(INTERNATIONAL BUSINESS)
A firm rent dia wants to ducts Non Rent (Nepalese Citizen) as partner their firm and N.R. will v capital of firm. What are the formalities this matter. Whether permission required from RBI or FIPB. ' BY: ASHOK KUMAR No answers yet View Answers | Post Answers |
| 927 |
Dec. 02 2005 |
FBT –
(DIRECT TAXES)
please crify regardg calcution of FBT for firms for whom urns are filed on the basis of 44AF (presumptive)and where no books of accounts are mataed. ' BY: S.SRINIVASAN No answers yet View Answers | Post Answers |
| 928 |
Dec. 02 2005 |
Taxablity of Interest Free refunadble deposit –
(DIRECT TAXES)
My Cllient is enagaged busess providg safe deposit vaaults on hire. There are 2 schemes-Under 1 scheme , an ter free deposit is taken and no annual rent is charged. Under 2nd Scheme, an ter free deposit of lesser amount is taken and also annual rent is charged. 99% customers ahave opted scheme 1. terst free deposit is refudable at the time of surrender of locker. The assessg officer is of the opion that difference deposit amount of scheme no 1 and 2 is a discounted come and hence should be taxed the year of its receipt and this can be cimed back as an expenditure the year of its refund. Please advise whether this stand iscorrect. Any case w this regard may also be advised ' BY: Surendra Shah No answers yet View Answers | Post Answers |
| 929 |
Dec. 02 2005 |
Audit in respect to Agriculture Marketing Board –
(AUDIT)
The come of Agriculture Marketg Committees and Boards were exempt u,s 10(20) upto Assessment year 2002-03. The same has been made taxable from Asst. year 2003-04. A State level Agriculture Marketg Board has been ablished as controller of all the Marketg Committees of the State. It’s come is 25% of come of all the Marketg Committees under its management. It expends towards development of frastructure of Marketg Committees under its jurisdiction and control. The 22 Marketg Committees and 6 Divisional Offices under its control remit 25% of their come to the Board on quarterly basis. The audit of Marketg Board has not been done sce 2001-02. Its gross receipts as 25% share durg 2001-02 is excess of 200 cs and creasg each year. My quion is- Whether Tax Audit u,s 44AB is applicable this case. What is the differnce position respect to 2001-02 and 2002-03 onwards. Further whether the excess of come over expenditure for the year will be taxed as per I.T. Act whereas the excess has to be expended by the board comg years. Saket Modi ' BY: SAKET MODI No answers yet View Answers | Post Answers |
| 915 |
Dec. 01 2005 |
Specilation Busines Profit –
(DIRECT TAXES)
Whether come derived from (1) Derivative Transaction stock market (2) short term capital ga wtihout any delivery of stocks i.e same day purchase and sell, is a specutive ocme on non-specutive come !!. Further if a person is saried employee i.e his ma occupation is service then whether above comes will be treated as busess come or capital ga !!! ' BY: VIJAY KUMAR JAIN No answers yet View Answers | Post Answers |
| 917 |
Dec. 01 2005 |
How is auditor supposed to report in the following situation. –
(CORPORATE & OTHER LAWS)
As an auditor, case of a newly formed company that does not have a profit and account (it has opened a project development account), how am i supposed to report to the shareholders of the company? Could i only report We have audited the attached bance sheet of xxxxx as on 31.03.2003 and report that .... Kdly let me know the verbatium as well as references to any such situations the past. Thanks and warm regards Dhananjay Parchure ' BY: Dhananjay Sadashiv Parchure No answers yet View Answers | Post Answers |
| 900 |
Nov. 30 2005 |
Delayed Contributions to Provident Fund but payment in same previous year whether deducteble? –
(DIRECT TAXES)
One of my clients have paid Provident Fund contributions on 20th May 2002 for the month of April 2002. The case is under assessment before the ACIT & the ACIT is refusg to allow the deduction on the basis that there is dey payment of 5 days Where as my stand is accordg to Sec 43B payments are to be allowed if paid the same fancial year. (deduction to be allowed the previous year which actual payment is made) The ACIT says that the department is Suprime court on this issue & hence he can not accept this cim. He is not even ready to go by Allied Motors case decided by SC. Urgent help Needed. ' BY: Aniruddha Chaudhary No answers yet View Answers | Post Answers |
| 904 |
Nov. 30 2005 |
section 194LA –
(DIRECT TAXES)
FROM OCTOBER1 2004 SECTION 194 WAS SERTED REGARDG DEDUCTG TAX ON COMPULSORY ACQUISITION OF ND FOR PAYMENTS EXCEEDG 10000,-.MY QUERY IS WHETHER WE ARE TO FILE QUARTERLY STATEMENT OF TDS FORM 26Q OR NOT .I HAV ETRIED TO MENTION SECTION 194 FORM 26Q BUT THE SOFTWARE SAYS THAT THE CODE IS VALID. ' BY: PUNITA BHATIA No answers yet View Answers | Post Answers |
